广信股份（603599）：25Q1业绩承压，静待行业景气回暖

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is experiencing pressure on its performance in Q1 2025, with expectations for industry recovery [1] - The company's revenue for 2024 was 4,643 million yuan, a year-on-year decrease of 20.9%, and the net profit attributable to shareholders was 779 million yuan, down 45.9% year-on-year [5][6] - The report indicates that the company's agricultural pesticide revenue for 2024 was 2,906 million yuan, down 17% year-on-year, with a gross margin of 31.20% [6] - The report anticipates a gradual recovery in demand and pricing for certain products in Q1 2025, although some products continue to face pricing pressure [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 4,878 million yuan, with a projected year-on-year growth of 5.1% [5] - The net profit attributable to shareholders for 2025 is estimated at 740 million yuan, reflecting a decrease of 5.0% year-on-year [5] - The report projects earnings per share of 0.81 yuan for 2025, with a price-to-earnings ratio of 13 [5] - The gross margin is expected to be 28.4% in 2025, slightly down from previous years [5] - The report includes a detailed breakdown of revenue and gross margin forecasts for the agricultural and fine chemical segments from 2025 to 2027 [6]